Stadium Deal may not be so optimistic

by craig on Jan 9, 2007 6:38 AM EST in News and Rumors

Much like being promised one of those really neat helium balloons to only find out you are getting some lame cheap blow up imitation, the stadium deal is looking less promising than originally reported. It appears that MLB.com's article painted too rosy of a picture.

DuPuy had this to say:

"There remain issues to be resolved, there remain gaps, there remain sources that have to be identified...

Forget what I said yesterday about the funding gaps being covered, it is the same as it ever was.

The deal is expected to include a contribution from the Marlins, hotel bed taxes from Miami-Dade County and property taxes generated by development in the city's Community Redevelopment Agency district near the stadium property, which is east of Interstate 95 and a few blocks southwest of Miami Arena. Although the proposed site is outside the district, city and county officials say the district could be expanded, if the city and county commissions agree. The sides would like the state to contribute as well.

Officials would not say how much each side is expected to contribute to a stadium or the overall price tag, which is likely to be closer to $500 million than previous projections.

The public portion of financing the stadium, apparently, requires the state to chip in and judging on how successful that has been in the past - this deal is far from done. Florida does have a new governor who is more receptive to the possibility of helping fund the stadium but he can't sign a bill that never reaches his desk.

We have been in this situation almost countless times before and none of them have worked out. Will this one be different? Maybe. But it is hard to get one's hopes up. The ultimate problem is that the clock is ticking and unlike baseball, the clock is a factor here.

The Miami Hearld has a more scathing article about funding the stadium with the use of public funds.

Tweet Comment 2 comments | 0 recs |